The bankruptcy judge gave permission to continue Celsius' case against Tether for 4.3 billion dollars
Celsius accuses Tether of selling 39,542 BTC, which he kept as a guarantee in 2022, before the waiting time in the agreement is expired. Most of the bankruptcy judge decided to rest the claims in court.
New Stage in the Celsius-Tether case: The court enables the case to a great extent
Martin Glenn, the Chief Bankruptcy Judge in New York, approved the maintenance of most claims of Celsius’ $ 4.3 billion case against Tether. In the case, Tether’s Celsius’ 39,542 Bitcoin collateral, the agreement is on the agenda before the 10 -hour waiting time expires.
This amount is about 4.3 billion dollars with today’s market value.
🏦 Guarantees and dispute
Celsius received a crypto -guaranteed loan from Tether.
In 2022, Tether demanded additional collateral from Celsius.
Tether, allegedly waiting for the 10 -hour waiting time without waiting for the “fire missing goods” sold.
Tether argues that Alexander Mashinsky, former CEO of Celsius, has given oral approval.
Judge Glenn stated that oral approval is insufficient and that not to comply with the waiting period in the written agreement may be a violation of the contract.
🛡️ Hard defense from Tether
Tether described Celsius’ case last year as “fundamental and accusatory ::
“This case is an example of the phrase‘ the good punishment ’. They ignore a legal agreement made years ago and try to cut the bill of Celsius’ bad administration to Tether.”
🚫 A charge rejected
The court rejected the accusation number 4 (violation of the obligation to goodwill and honesty). However, this rejection was “without prejudice ;; In other words, Celsius lawyers may re -file this claim if they offer sufficient evidence.
📉 Bankruptcy process and restructuring
Celsius, in 2022, the balance sheet was found to apply for bankruptcy after $ 1.2 billion.
With the approval of the court in November 2023, the restructuring plan was completed and the bankruptcy process was released.
